ona BLW Precision Forgings Ltd., a leading automotive technology company, has seen its stock price surge by 2.94% to ₹743.65 on the NSE. The jump in share price comes as the company has launched a qualified institutions placement (QIP) to raise up to ₹2,400 crore, with an indicative price range of ₹675-700 per share, according to sources.
The company’s board had approved the QIP on July 24, 2024, and shareholders passed a special resolution via postal ballot on August 30, 2024. The fund raising committee authorized the opening of the QIP on September 4, 2024, the same day as the “relevant date” for the issue.
The raised funds from the QIP will be directed towards repaying or prepaying outstanding borrowings, supporting strategic investments, pursuing organic and inorganic growth opportunities, purchasing fixed assets, and general corporate purposes.
